Five insurance companies have projected revenue of N418.7 billion for the 2025 financial year, ending December 31.
The companies are Sunu Assurances Nigeria Plc, AIICO Insurance Plc, Linkage Assurance Plc, AXA Mansard Insurance Plc and Nem Insurance Plc. They also projected a profit before tax of N39 billion during the same period.
The companies projected their fourth-quarter earnings forecast for the year ending December 31, 2025, which was posted on the Nigeria Exchange Group (NGX) platform.
Sunu Assurances Nigeria Plc projected N16.4 billion as its insurance revenue for the period. The company protected N2.3 billion as its PBT and N1.56 billion as profit after tax. Sunu said the Gross Premium Written (GPW) for the year ending Dec. 31 was projected at N17.31 billion, representing 32.9 per cent growth over N13.03 billion in 2024.
The company said the figure represented an 18.81 per cent increase above the N14.57 billion projected for the period ended September 30. AIICO Insurance Plc projected N131.6 billion as its revenue, N20.6 billion as PBT and N19.6 billion as PAT for the 2025 financial year.
It said the company projected gross written premiums of N195.9 billion.
The company stated that the Non-Life business represented 36.4 per cent of the stated GWP, while the Life and Group Life businesses represented 33.2 per cent and 9.6 per cent, respectively.
”Profits in 2024 were affected by Forex gains of about N11.2 billion due to the devaluation of the naira. We expect insurance service results to increase by 481 per cent over 2024, pointing to more sustainable performance, resilient to exogenous shocks.
”We expect the underlying, sustainable business performance to drive profitability in 2025. Insurance service margins are expected to increase from a decrease of 2.9 per cent to about 9 per cent in 2025,” the company said.
Linkage Assurance Plc projected N5.3 billion as its insurance revenue for the year. The company also posted its PBT of N424 million and PAT of N402 million for the year ending December 31.
Similarly, AXA Mansard Insurance Plc posted N159.1 billion in revenue, a PBT of N15.5 billion, and a PAT of N13 billion. Nem Insurance Plc projected a revenue of N106 billion, PBT of N25.6 billion and N21.76 billion as PAT.
The National Insurance Commission (NAICOM) had, in a circular, notified insurance operators of the commencement of the recapitalisation exercise as prescribed by the NIIRA 2025.
”Following the enactment of the Nigerian Insurance Industry Reform Act (NIIRA) 2025 and assent of President Bola Ahmed Tinubu on July 31, 2025, the Commission hereby notifies all insurance and reinsurance companies of the commencement of the recapitalisation as prescribed by the NIIRA 2025,” it said.
NIIRA 2025 introduced higher Minimum Capital Requirements of N10 billion, N15 billion, N25 billion and N35 billion for life, non-life, composite and reinsurance companies, respectively.
The NAICOM had said that in line with the provisions of the Act, the new MCR would take effect from the date of Presidential assent, and all operators were required to comply within a 12-month period from the effective date.
